Pioneer Cement signs limestone development agreement in Georgia

Raysut Cement's UAE subsidiary, Pioneer Cement, has signed an agreement for the development of a limestone mine in Georgia.

Under the 10-year deal SFL International will pay a royalty to Pioneer Cement for mining the limestone deposits. Pioneer Cement owns the concession to limestone mines in Georgia where it is currently set to construct a 1.2Mta cement plant. The plant will be located near Tbilisi, adjacent to the limestone mines. The value of the project is estimated at US$200m.

Georgia provides Pioneer Cement an opportunity to diversify from the Middle East into a market with large infrastructure growth and shortage of clinker and high-quality cement, the company said in a statement.